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Temperature Sensor Market - Modernization of Healthcare in Emerging Economies to Help Market Gain Traction
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Some leading participants in the global temperature sensor market are ST Microelectronics N.V., Panasonic Corp., Infineon Technologies AG, Honeywell International Inc., General Electric Co., and Texas Instruments Inc.
temperature sensor marketAs per the TMR report, the global temperature sensor market will expand at a steady 4.6% CAGR over the 2016-2024 forecast period. At this pace, the market which stood at US$4.6 bn in 2015 will become US$6.6 bn by 2024. Vis-à-vis volume, the market is anticipated to exceed 2.93 bn units by 2024. Among the key product types being purveyed in the market, which includes thermistors, resistance temperature detectors, bimetallic temperature sensors, thermocouple, infrared temperature sensors, and fiber optic temperature sensors, thermistors account for grossing maximum revenue in the recent years. Going ahead too, the segment is poised to continue to remain at the fore. However, infrared temperature sensors is likely to witness a high growth rate vis-à-vis revenue due to their rising applications across several industry verticals.
Geographically, North America is presently the dominant regional market. This is mainly because of increasing adoption of temperature sensors across the medical, oil and gas, and healthcare sectors.
According to the report, majorly fuelling the global temperature sensor market is increasing bend of key industries towards non-contact sensors, vast rise in demand from flourishing consumer electronics industry, along with increasing number of applications. Among these, consumer electronics is predicted to provide attractive growth opportunities to the temperature sensor market. The soaring demand for mobile phones, wearable devices, laptops, LCDs, and fitness bands is acting in favor of the temperature sensor market, says the report.
The modernization of the medical and healthcare sector is a key factor fuelling the global temperature sensor market. Several governments especially in developed nations are taking initiatives to provide comprehensive healthcare at each and every healthcare facility be it in the remotest region of the nation.
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Apart from this, expansion of the oil and gas sector is serving to boost the temperature sensor market. The growth of the manufacturing and semiconductor and electronics industries in Asia Pacific is also fuelling the temperature sensor market.
The review presented here is based on the findings of a TMR report, titled “Temperature Sensor Market (Type - Thermistor, Resistance Temperature Detector, Thermocouple, Infrared Temperature Sensor, Fiber Optic Temperature Sensor, and Bimetallic Temperature Sensor; Sensing Method - Contact Temperature Sensor and Non-contact Temperature Sensor; by End User - Food and Beverage, Aerospace and Defense, Chemicals, Oil and Gas, Semiconductor and Electronics, Automotive, and Healthcare) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024.”
Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations
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